My partner and I are planning to acquire a house in Benllech and are in fact using a Benllech conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this evening contacted us to advise us that there is now an issue as our Benllech solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Benllech lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are only a couple days away from an exchange on a property in Benllech and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner is legally required to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the RBS Solicitor panel ahead of completing my conveyancing in Benllech?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Due to the encouragement of my in-laws I had a survey completed on a house in Benllech before instructing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some lenders may refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Benllech. Conveyancing will be smoother if you use a solicitor in Benllech especially if they regularly deal with such properties in Benllech.
What does commercial conveyancing in Benllech cover?
Non domestic conveyancing in Benllech incorporates a wide range of services, given by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
As co-executor for the will of my father I am selling a house in Monmouth but live in Benllech. My lawyer (who is 260 miles awayneeds me to sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Benllech who can attest this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are located in Benllech